| New York Life Insurance Company ("New York Life" or "the company") is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico. |
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.
The Complaint Review Unit (CRU) of the Corporate Compliance Department is responsible for handling complaints. Our goal is to set the industry standard for customer satisfaction and compliance with state and federal regulations. The CRU directly handles all complaints involving allegations of misrepresentation, misappropriation, and misconduct on the part of New York Life agents and representatives.
Overview of role:
Investigates and responds to regulatory requests and sales practice complaints made against Company Agents and Registered Representatives. Evaluates and distributes non-sales practice complaints to the appropriate area of the Company for review and ensures a thorough and timely response is made.
Duties and Responsibilities:
- Thoroughly investigates and responds to agent-related policyowner complaints. Formulates and extends monetary and other types of offers to resolve customer complaints. Adheres to quantitative and qualitative indicators relative to productivity, turnaround time, completeness, and accuracy.
- Reviews and assigns correspondence to responsible handling areas.
- Ensures all complaint responses made by the Company are complete, accurate, and made in a timely manner. Also ensures Company responses to complaints received from regulatory authorities are made within the timeframe prescribed
- Refers matters to Errors and Omissions carrier where appropriate. Recommends agent disciplinary actions and commission reversals when warranted
- Maintains Corporate Compliance Complaint Tracking Databse (CTS) to ensure that information in the database accurately reflects the status of each case.
- Bachelor's degree
- Excellent organizational, analytical, and reading comprehension skills.
- General knowledge of life insurance and annuities
- Excellent written and oral communcations skills
- Minimum of 4 years relevant work experience (Customer Service, Life Insurance, Investigative)
- FINRA Series 7 License or obtain the Series 7 License within 12 months of hire.
- Complete LOMA 280 "Introduction to Life Insurance and Annuities" within 6 months of hire if no life insurance company experience.
- Uses best practices and knowledge of internal or external business issues to improve products or services
- Solves a broad range of problems; takes a new perspective using existing solutions
- Works independently, receives minimal guidance
- Acts as a resource for colleagues with less experience
* This group will be relocating to White Plains in early 2018
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* Based on revenue as reported by "Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
** Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.